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Purchasing
a Home After Bankruptcy – It is Possible
by Ellise Walsh
If your credit history includes a
bankruptcy filing, you may think that buying a home is an impossible dream.
However, with lending requirements for mortgages becoming more flexible every
day, a bankruptcy filing does not necessarily exclude you from the world of
home ownership.
Buying a home after a bankruptcy filing means that you will need to put
additional emphasis on the income verification portion of the mortgage
approval process. You will also need to come up with a larger down payment to
make up for your credit history.
Most lenders prefer that their customers wait at least two years from the date
of a bankruptcy discharge before being considered for a mortgage loan. After
the two years are up, it should be relatively easy to obtain mortgage
financing. After the two year waiting period, it should also be possible to
purchase a home with only a small down payment, or even with no down payment
at all. More and more banks and mortgage brokers are willing to write
mortgages for 100% of the purchase price. As long as your bankruptcy discharge
is more than two years old, it should not be difficult to qualify for a 100%
mortgage.
On the other hand, if you are attempting to get a mortgage within two years of
a bankruptcy discharge, it will be necessary to demonstrate an almost flawless
history of on time payments since your bankruptcy. It will also be necessary
to have at least some money to put down on the home. The higher the down
payment you can muster, the greater your chances of getting the bank to
finance the rest.
Coming up with the money for a down payment is not easy, but there are several
ways to do it. For one thing you could borrow money from your family or
friends. You can also check to see if there is a down payment assistance
program in your area. There are many such programs around the country to help
people of low and moderate incomes with the down payment on their home. And
lastly, you can borrow from or cash in investments like a
401(k) or IRA.
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